CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDZAR Extends Pullback from Yesterday’s High

ZAR
A slight pullback in both the greenback and US yields has aided performance of the rand through Tuesday trade. USDZAR is down 0.9% at typing and has now erased the entirety of yesterday’s move higher. A recovery in gold (which has bounced over 1% off Monday’s low) is likely accounting for rand outperformance in the EMEA region. In addition, Bloomberg sources reported that President Xi is set to be briefed by Chinese regulators on financial markets, raising hopes of further, potentially imminent market-supportive measures.
  • For USDZAR, initial support to watch is at 18.5385, the Jan 12 low. A break of this level would be a bearish development that could expose 18.1092, the Dec 15 low and key support. For bulls, the post-NFP rally was a positive development. Sights are on 19.2180, the Jan 22 high, a break of which would confirm a resumption of the uptrend.
  • Comments from the SARB Governor may also be supporting the rand. Kganyago defended the independence of the monetary authority, which has faced repeated calls for its mandate to be expanded ahead of elections this year. “Central bank independence came about because we tried central bank dependence and it did not work,” Kganyago said in a speech.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.